The typical size of some of the projects undertaken by Oil & Gas and Mining companies are massive: $20 trillion will be invested by 2035. In 2012 alone, $1,039 billion of capital expenditure (capex) is expected to be invested by the Oil & Gas Sector, primarily in Exploration and Production projects. As oil companies intensify upstream operations across locations as diverse as offshore Brazil, the Gulf of Mexico and the Arctic Circle (Source: “Oil & Gas Capital Expenditure Outlook, H1 2012”, by GlobalData), expenditures in this area will continue to increase making it a necessity to invest in a tool to manage their huge portfolios while improving productivity and asset utilization.
Building leaner, more cost-effective businesses has become standard industry practice for chemical companies. In their search for competitive advantages, new sources of revenue and increased profitability, management’s attention is shifting from asset- based process improvement initiatives to an intense focus on what customers truly value.
To keep pace with a changing marketplace, chemicals manufacturers need to take a targeted approach to customers. They need real-time business insights which can help them capitalize on product, process and knowledge assets to meet various customer needs.